Published on 29/11/2017 9:25:58 AM | Source: Religare Securities Ltd
The Indian benchmark indices closed the trading session with marginal losses - Religare Sec
Nifty Outlook
The Indian benchmark indices closed the trading session with marginal losses. The markets remained range bound during the first half of the session, but saw correction during the latter half of the session to end in red. The broader markets outperformed, with BSE Midcap and Small cap closing in the green. Among the sectoral indices, Auto and FMCG gained marginally, while other major indices witnessed selling pressure.
Market participants will keenly await Q2 GDP data due on Thursday after economic slowdown on account of GST implementation. Apart from this, RBI meeting scheduled next week and Gujarat elections in the next month will keep the markets volatile. We advise to avoid over leveraging and accumulate quality stocks on dips.
News
* Glenmark Pharmaceuticals said the US health regulator has made seven observations after an audit at its Baddi manufacturing unit. Its Baddi unit contributes approximately 10% of the revenue of the US sales. The Baddi unit underwent an USFDA audit from November 6-11, 2017. The company would be replying to the FDA shortly on the observations.
* Jindal Drilling Industries has received a contract from Oil and Natural Gas Corp for charter hire of offshore drilling rig. The contract is for a period of 3 years.
* Bharat Heavy Electricals Ltd. has won an order for setting up six decentralized sewage treatment plants in Raipur (Chhattisgarh). The order is valued at Rs 64 cr for a cumulative capacity of 25.4 MLD.
Religare Super Ideas
Buy HAVELLS Ltd @ 512-515 Stoploss 498 Target 542 CMP 520.70.
Buy PIDILITIND Ltd @ 842-845 Stoploss 826 Target 874 CMP 848.75.
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